Jun 23, 2019

Erdogan's candidate defeated in Istanbul election after government-forced redo

Photo: Adem Altan/AFP/Getty Images

Turkish President Recep Tayyip Erdogan's preferred candidate for mayor of Istanbul was defeated on Sunday, an embarrassing blow to the strongman's ruling Justice and Development Party two months after election officials gave in to his controversial request for a rerun, AP reports.

Why it matters: The initial decision to redo the election was viewed as a significant blow to Turkey's already damaged democracy. But Soner Cagaptay of the Washington Institute tells the New York Times that Sunday's result "shows democracy is resilient and elections still matter. [The opposition candidate Ekrem] Imamoglu won with a landslide — a 10-point lead — even though Erdogan mobilized all the state resources in this election."

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Investment pros are selling while mom and pop buy the coronavirus dip

Illustration: Aïda Amer/Axios

As traders around the globe have frantically unloaded positions in recent weeks, so-called mom and pop retail investors have kept level heads and not sold out of stocks.

What they're saying: In fact, "the typical trader is buying equities on the dips," passive investment firm Vanguard notes in a research paper, adding that "older, wealthier traders are moving modestly to fixed income."

Zuckerberg: "Local journalism is incredibly important" to fighting coronavirus

Photo: Sven Hoppe/picture alliance via Getty Images

Mark Zuckerberg, signaling his personal involvement in a new Facebook commitment of $100 million to bolstering local journalism, told me that "very local work" is vital to his big mission of bringing the world closer together.

What he's saying: "Everyone believes that local journalism is incredibly important," Zuckerberg told Axios in a phone interview. "But everyone is connected to their local [outlets]. Figuring out how to make an impact, and support local journalism broadly and at scale, has been a challenge."

Facebook spending $100 million to help news outlets in coronavirus crisis

Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images

Facebook says it is spending $100 million to support news outlets around the world that have been impacted by the coronavirus, the company said Monday.

Why it matters: Whatever Facebook's motivation, this is a much-needed cash infusion at a critical time for the local news industry.